Gold - Technical Precious Metals Mid-day Report - Sept 1

By IBT Staff Reporter On 09/01/09 AT 2:14 AM

Gold has declined sharply, respecting the bearish harmonic pattern we discussed yesterday which pushed it towards our detected technical target areas around 942.00-check it here-. The bounce from there should be seen as a momentum gathering action as we see that the daily negative divergence has been completed on CCI indicator as seen on our provided chart while Stochastic shows a bearish sign. Hence we keep our outlook to the downside over the intraday basis as far as 966.00 remains unbroken.

The trading range for today is among the key support now at 922.00 and key resistance now at 984.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.